Crypto and forex scams are rife. Fraudsters posing as Binance – the cryptocurrency exchange – are targeting forex scam victims via email. This is a form of advance-fee fraud, where someone who has previously been a victim of fraud is targeted by fraudsters who pretend they can help them recover their money.
The scammers claim to need to speak to the victims about 'funds that are intended to be released to you which were seized from the fake investment company EuropeFX’.
Here’s the lowdown on the fake emails, how fraud recovery scams work and why there are growing concerns about weak consumer protection against scams involving cryptocurrency and foreign exchange (forex or FX) platforms.